ISM Manufacturing PMI unexpectedly slips in July as economic expansion continues

 

• July ISM Manufacturing Index: 59.5 vs. 60.8 expected and 60.6 prior.
• The measure indicates expansion in the overall economy for the 14th straight month.
• Backlog of orders index, at 65.0, rose from 64.5 in June.
• Suppliers Deliveries index, at 72.5, declined from 75.1 in the prior month, and Inventories index reading of 48.9 dropped from 51.1.
• "Business Survey Committee panelists reported that their companies and suppliers continue to struggle to meet increasing demand levels," said Timothy R. Fiore, chair of the Institute for Supply Management Manufacturing Business Survey Committee.
• "As we enter the third quarter, all segments of the manufacturing economy are impacted by near record-long raw-material lead times, continued shortages of critical basic materials, rising commodities prices and difficulties in transporting products," he added.